In 1776, the “one dollar denomination” was left out in anticipation of minting an actual coin intended to be worth a Spanish 8-reales piece, the “dollar” of the day. Most were printed by the successor to Franklin’s firm. Paper money issued by the Congress became proverbially worthless by war’s end, when the phrase “not worth a Continental” was commonplace. Continental Currency promissory notes, issue, $1 (ANS 0000.999.29827) By 1780, economic circumstances combined to cause the reduction of Continental Currency notes to one-fortieth of their original face values, and the Congress ceased printing them. The British prohibited circulation of rebel money in areas they occupied, and tried to undermine the American economy and public confidence by emitting counterfeits. Such notes frequently carried propaganda messages: images of the King trampling on the Magna Carta and setting fire to an American city, American Liberty trampling on slavery while backed by an army, patriotic “Minute Men” brandishing their weapons, or allusions to the Union’s strength (or fragility). In fact, the individual states issued their own paper money to cover their governmental and military costs. The Congress asked the states to redeem it, but they were floundering financially themselves. ![]() Bullion backing for the issues never appeared, however, and this Continental Currency was rapidly devalued. The Continental Congress, the union of former colonies in rebellion against the British monarchy, introduced the first American national paper money in 1775, trying to meet military expenditures. In all cases, they were a financial expedient adopted to cover a lack of funds by promising to “pay later.” By the time of the Revolutionary War, each of the thirteen colonies’ governments had emitted their own currency issues although Great Britain opposed and tried to suppress them. Subsequent military campaigns and other expenses by other Colonies were funded in a similar way. The Massachusetts Bay Colony financed a military expedition to Canada in 1690 by issuing bills of credit. When paper money was issued in America, it became the first authorized by any government in the Western world. Only with increasing Federal government control of paper money during and after the Civil War did paper currency gradually come to predominate. False notes as well as genuine notes altered by criminals followed promptly.įrom colonial notes to the much-maligned Continental Currency to the "broken-bank" notes prior to the Civil War, paper money was widely distrusted in early America. The paper money issued by the Massachusetts Bay Colony in 1690 was the first authorized by any government in the Western world.
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